Bolt to enable Bitcoin and NFT access via Wyre acquisition
San Francisco-based e-commerce startup Bolt is moving into cryptocurrencies and nonfungible tokens (NFTs) by acquiring fiat-to-crypto and payment infrastructure firm Wyre.
According to a joint announcement on Thursday, Bolt has reached definitive agreement to acquire Wyre, aiming to close the deal later in 2022.
According to a report by The Wall Street Journal, the acquisition cost Bolt $1.5 billion. Bolt did not directly confirm or deny on the size of the deal to Cointelegraph.
Bolt and Wyre are now planning to work together to create new commerce solutions for mainstream, including crypto usage by Bolt’s global merchants, retailers, shoppers and developers. Bolt and Wyre expect to fully integrate their services before the end of the year, adding Bolt’s checkout system CheckoutOS to the cryptocurrency ecosystem.
With the ultimate goal of enabling decentralized commerce, the collaboration aims to allow Bolt’s consumers to pay for goods with cryptocurrencies like Bitcoin (BTC), while providing merchants with tools to accept crypto. The acquisition also aims to allow users to purchase NFTs through the Bolt’s platform through Wyre’s APIs.
According to Bolt founder and executive chairman Ryan Breslow, the acquisition of Wyre has fulfilled its long-time ambition. “When I wrote the draft business plan for Bolt, I had always imagined cryptocurrency at its center,” he said, adding:
Wyre co-founder and CEO Ioannis Giannaros pointed out that the collaboration will set a “new standard and provide new opportunities at a global scale.” “Simply put, we want to allow every retailer to transact easily in cryptocurrency, removing long-standing barriers,” Giannaros added.
Related: Galaxy Digital delays BitGo acquisition to later on in 2022
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